Aramco increases funding for global VC arm to $7bn

Aramco increases funding for global VC arm to $7bn

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has earmarked an additional $4 billion to its global venture capital (VC) arm, Aramco Ventures, marking more than double the capital allotted to the corporate venture capital firm.

The new funding has raised Aramco’s total investment allocation to the VC arm from $3 billion to $7 billion, which will endorse the oil giant’s long-term strategy of investing in business development across a variety of industries, according to an official statement.

Meanwhile, Aramco’s current overall venture capital allocation has grown to $7.50 billion, including the $500 million venture capital fund Wa’ed Ventures which focuses on the Saudi startup ecosystem.

The additional investment will also help advance Aramco’s focus on the fields of new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.

Aramco Executive Vice President of Technology and Innovation, Ahmad Al Khowaiter, said: “Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition.”

Al Khowaiter added: “Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life.”

The official concluded: “By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing